• Kalshi has permanently banned George Santos for life due to suspected insider trading.
• Santos allegedly profited nearly $18,000 by betting on his own attendance at an event he did not attend.
• The former Congressman was previously expelled from Congress over multiple fraud charges.

Kalshi, a prediction market platform, has announced the permanent ban of former Congressman George Santos following findings of likely insider trading related to bets on his own attendance at the upcoming State of the Union address. Santos reportedly netted a profit of approximately $17,839 through these trades, leading to the company's decision to penalize him $71,356 and impose a lifetime prohibition from the platform, effective as of last Friday, according to CBS News, Reuters, Los Angeles Times, and BBC.

The investigation by Kalshi's compliance team revealed that Santos made several large bets on whether he would attend the event, despite his statements on social media indicating he would, an action that appeared to influence contract prices. Santos reportedly did not attend the address, leading to allegations of market manipulation and insider trading, as stated by sources Reuters and Los Angeles Times.

Santos, who was expelled from Congress in 2023 due to various federal fraud and campaign finance violations, has faced consequences not only from Kalshi but also from the U.S. Commodity Futures Trading Commission, which had previously imposed a three-year ban on his trading activities. Despite having agreed to settle a $35,000 federal investigation regarding these trades, Santos remains a controversial figure, having gained notoriety for fabricating major elements of his biography during his political campaign, as reported by CBS News and BBC.